Today, the JOBS Act passed the U.S. Senate with a vote of 73-26. The JOBS Act is a legislative package designed to jumpstart our economy and restore opportunities for America's primary job creators: our small businesses, startups, and entrepreneurs. Congressman Fincher's H.R. 3606, which passed out of the US House of Representatives with bipartisan support (390-23), is the base bill for this package of bills. H.R. 3606, the Reopening American Capital Markets to Emerging Growth Companies Act, reduces the costs of going public by phasing in certain regulations over a five-year period, or until the company reaches $1 billion in revenue. This allows companies to go public sooner and access much needed capital, resulting in more job creation within the company.
Fincher said, "One of the best things Washington can do to create private sector jobs is to get Washington out of the way. It is the private sector that creates jobs, not Washington. With about 92% of business job growth occurring after being listed on a U.S. stock exchange, it just makes sense to ease the path for small businesses to go public. With passage of this bill, the Senate is beginning to understand that job creation should be Congress' number one priority and that this bill is vital to getting these emerging growth companies the break they need to grow."
The JOBS Act has received support from the President, U.S. Chamber of Commerce, American Bankers Association, Financial Services Forum, the Small Business and Entrepreneurship Council and the Independent Community Bankers of America. In addition, the Biotechnology Industry Organization, Burroughs & Chapin Company, CONNECT, Gate Technologies, Mesirow Financial, NASDAQ OMX, National Taxpayers Union, National Venture Capital Association, NYSE Euronext, OTC Markets Group, SIFMA, Silicon Valley Bank, TechAmerica, TechNet, and SecondMarket.